PUMP PATROL: Experts predict New Jersey average gas prices could hit $5.50 a gallon soon

Gas prices have been so high lately that New Jersey residents will take any decrease they can find.

News 12 Staff

Jun 14, 2022, 10:33 AM

Updated 765 days ago

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Gas prices have been so high lately that New Jersey residents will take any decrease they can find.  
Although prices did increase again nationally overnight, there was about a half a cent decline in New Jersey. 
According to the experts, prices will not soon be coming down.
Moody’s Analytics predicts they could hit $5.50 within a couple of weeks. 
A variety of reasons are playing a part -- Russia’s invasion of Ukraine, crimping oil supply and bumping up demand. So, there’s no sign that new supply, reduced demand or an outbreak of stability will bring relief.
A year ago, residents were paying just over $3 a gallon.


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